Will I know if I have been accepted straightaway?
Some providers will provide you with an instant decision online. In other cases your application may be ‘referred’ to an underwriter meaning that the credit card provider needs some more information from you before they can make a decision.
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How long does an application take?
All the providers on our panel offer a secure online application process that shouldn’t take more than a few minutes. All card providers will ask for information about your name, address, income, employment status and any existing accounts as well as the services you're interested in, such as balance transfers, additional card holders, and optional insurances.
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How do I make a balance transfer?
Making a balance transfer is straightforward. You will normally be asked if you would like to move any existing balances to your new card as part of your application. Just include the details of your current card (the provider, card number etc) and the amount you want to move. If you don’t have these details to hand you can contact your new provider after you have opened your account and do it then, but remember any 0% period will normally start from the date your account is opened - so to maximise the interest free benefit, the sooner you transfer the better.
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What is a balance transfer fee?
This is the handling fee your new credit card provider applies if you move a balance to your new card. It's normally calculated as a percentage of the amount you have transferred, usually around 3%. It's not a fee you'll be asked to pay immediately, but it is added to the balance of your new card and will be paid off as part of your repayments.
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How does the Card Matcher tool work?
We work with card providers to establish what type of customers will be accepted for their cards, so that we can offer a quick, easy and free service to help you decide which cards are right for you. We ask for some basic information about the card you are looking for and about you, and then we take a look at your credit profile. This isn’t a credit search, so it doesn’t leave a footprint on your file and it won’t affect your credit score. With this information we can match you to the cards that most suit what you want and give you your likelihood of being accepted out of 10.
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When do I find out when what my credit limit will be?
After you've completed your application, the card provider will review it and come to a decision. If they want to offer you the card you'll be told your application has been accepted. The card issuer will then give you details of your initial credit limit and your APR, and you can decide whether you want to take out the credit card.
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What is my credit score based on?
Your credit
profile is often referred to as your credit history, and is simply a record
of all the credit accounts you have now and have held previously. This history will document things like your other outstanding debts and repayment history for any
credit account (including things like loans, credit cards, mortgages and mobile phone
contracts). You have no single credit score. The card provider you're applying to will use the information on your application and your credit
history to determine if they want to offer you credit, and set an appropriate credit limit.
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How do I manage my new credit card account?
This depends on your new provider. Most providers will provide online access to your account so that you can check your balance or make a payment, and you may also be able to do the same thing over the phone if you'd prefer to. If the card is issued by a bank then you will also have the option of using their high street branches to manage your account.
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What does Representative APR mean?
APR stands for annual percentage rate. It describes the amount of interest you will pay over a year as a proportion of your outstanding balance, so a lower APR means you will pay less interest. It's called 'representative' as at least 51% of the customers that are accepted for the card have to be offered the APR shown. However, this does mean that 49% may be offered the card, but with a higher APR. The representative APR must also include any annual fees for having the account.
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What is the difference between VISA, Mastercard and American Express?
These are
the organisations that provide the services between a retailer and your card
provider to process your purchases and transactions. Some smaller shops may not accept
payments from certain issuers, and some events may only take payment from a
specific issuer (such as the 2012 Olympics games, where tickets can only be
purchased with a VISA card).
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